NEW YORK, Feb. 7, 2013 /PRNewswire/ – MidCap Advisors LLC, a national mergers and acquisitions firm based in New York with offices throughout the United States, is pleased to announce that it advised Buckingham Badler Associates (BBA), a New York City-based full service general insurance agency, in connection with the sale of its business to Scottish American Capital. The terms of the transaction, which closed on December 27, 2012, were not disclosed.
Founded in 1973, BBA is a full service managing general agency offering property and casualty, personal lines and other insurance and financial services. Stuart Badler, the Founder and President of BBA, is a recognized leader in the P&C insurance industry and is very active in many trade organizations. “When I began to work on a perpetuation strategy with MidCap Advisors, it was important that the ultimate buyer would carry on our tradition of building solid relationships and also provide our employees with excellent opportunities to further excel,” said Stuart Badler. “In less than thirty days, MidCap was able to structure, negotiate and close a transaction to help me accomplish my goals in this transition.”
Scottish American Capital is an investment fund with a focus on investing in and managing an insurance distribution business in the U.S. “We held discussions and received attractive offers from several potential suitors, but Scottish American’s strategic plan and certainty of execution were a very appealing combination,” said Frank Robertson, Vice President at MidCap Advisors and advisor on the transaction.
John Poppe, Co-Founder and Managing Partner at MidCap Advisors added, “We expect BBA’s future to be exciting. The blending of Scottish American’s aggressive business strategy and BBA’s strong management and relationships make a formidable combination.”
About MidCap Advisors
MidCap Advisors is a national middle market mergers and acquisitions firm that has extensive experience representing insurance and financial services firms. With offices in New York, Chicago, Boston, Philadelphia and Kansas City, MidCap provides merger & acquisition advisory services, strategic planning, business valuation, capital raise, and transaction support services to clients nationwide.
For additional information about this transaction or MidCap Advisors, contact:
Frank Robertson, Vice President